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Controller warns of $53M current-year gap; mayor—s office signals FY2010-11 deficit well north of $400M
Summary
City Controller Ben Rosenfield reported a first-quarter general fund shortfall driven by property-tax assessment appeals and payroll tax weakness, producing an estimated $53 million current-year gap. Mayor—s budget director Greg Wagner said the administration—s FY2010-11 preliminary deficit estimate (to be released the next day) will be well north of $400 million.
City Controller Ben Rosenfield told the Budget and Finance Committee on Nov. 18 that new data and department reports show a deteriorated fiscal position compared with the adopted budget. Rosenfield cited an estimated $35.5 million revenue weakness driven primarily by property-tax reassessment appeals and payroll-tax declines, plus about $9.6 million in departmental variances and $8 million in pending supplemental appropriations, producing a roughly $53 million gap…
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